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My Payment Dropped!

November 11th, 2008 at 02:30 pm

We received notice yesterday that our mortgage payment will drop by over $22 per month beginning in January. The escrow payment rose by less than a dollar. Because it is a fixed mortgage, our P&I payment are also the same. So, what gives?

It appears that that the reserve requirement has dropped. That's nice...I really don't want them holding on to more money than necessary.

I expect that the extra money will now be applied to our home equity loan. That's an extra $271.44 per year ($22.62 x 12)!!

Posted in Saving, Home Equity Payoff | 6 Comments »

6 Responses to “My Payment Dropped!”

  1. thriftorama Says:
    November 11th, 2008 at 02:58 pm 1226415482
    1226415482

    Did your property tax assessment drop? Ours did thanks to the housing market. That may account for the lower amount.

  2. creditcardfree Says:
    November 11th, 2008 at 03:00 pm 1226415617
    1226415617

    Property taxes fell by $4 per year and insurance went up by $10 per year. It was the reserve requirement that caused it to drop.

  3. Koppur Says:
    November 11th, 2008 at 03:23 pm 1226417030
    1226417030

    That's great!

  4. boomeyers Says:
    November 11th, 2008 at 05:54 pm 1226426095
    1226426095

    Wow! A price going down?? I am starting to get giddy, especially with the price of gas getting so low!

  5. creditcardfree Says:
    November 11th, 2008 at 06:09 pm 1226426948
    1226426948

    Boomeyer...Yesterday, I noticed gas prices went up...12 cents in one day! Yikes.

  6. Ms. Pearl Says:
    November 11th, 2008 at 08:06 pm 1226433994
    1226433994

    My mortgage payment is dropping too by close to $20. So happy! Except I do think it is the housing market crashing and my taxes went down despite passing a recent school levy! We get to drop our PMI real soon too...maybe this coming summer, we will have owned our house 5 years then. That will drop our payment by around $200.
    Very happy for your luck!

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